{"id":593,"date":"2023-06-13T12:57:31","date_gmt":"2023-06-13T07:27:31","guid":{"rendered":"https:\/\/lotusarise.com\/qna\/?p=593"},"modified":"2024-04-03T07:08:55","modified_gmt":"2024-04-03T01:38:55","slug":"q-which-of-the-following-statements-regarding-green-climate-fund-is-are-correct","status":"publish","type":"post","link":"https:\/\/lotusarise.com\/qna\/upsc\/q-which-of-the-following-statements-regarding-green-climate-fund-is-are-correct","title":{"rendered":"Q. Which of the following statements regarding \u2018Green Climate Fund\u2019 is\/are correct?"},"content":{"rendered":"\n
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  1. It is intended to assist the developing countries in adaptation and mitigation practices to counter climate change.<\/li>\n\n\n\n
  2. It is founded under the aegis of<\/strong> UNEP, OECD, Asian Development Bank and World Bank.<\/li>\n<\/ol>\n\n\n\n

    Select the correct answer using the code given below.<\/p>\n\n\n\n

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    • 1 only<\/strong><\/li>\n\n\n\n
    • 2 only<\/li>\n\n\n\n
    • Both 1 and 2<\/li>\n\n\n\n
    • Neither 1 nor 2<\/li>\n<\/ul>\n\n\n\n
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      Answer: (a) 1 only<\/strong><\/p>\n<\/blockquote>\n\n\n\n

      Green Climate Fund<\/strong><\/h6>\n\n\n\n
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      • The Green Climate Fund was established in 2010 as a part of the UNFCCC\u2019s financial framework <\/strong>to channel funds from richer nations to developing countries<\/strong> in order to help them reduce climate change and adapt to its effects.<\/li>\n\n\n\n
      • It was formed to help disadvantaged societies adapt to the unavoidable effects of climate change<\/strong> by limiting or reducing greenhouse gas emissions.<\/li>\n\n\n\n
      • At the end of 2011, the UN Framework Convention UNFCCC accepted the Green Climate Fund as a financial mechanism in CoP 16.<\/strong><\/li>\n\n\n\n
      • The GCF sponsors programmes that enable and promote adaptation, remediation (including REDD+), technological development and shift (including CSS), capacity development, and national data analysis.<\/li>\n\n\n\n
      • Objectives<\/strong>\n
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        • It would help in the achievement of the objective of the United Nations Framework Convention on Climate Change (UNFCCC).<\/li>\n\n\n\n
        • GCF will be guided by the principles of provision of the convection.<\/li>\n\n\n\n
        • It would help in channeling new, adequate, additional, and predictable financial resources to developing countries.<\/li>\n\n\n\n
        • It would promote and strengthen the engagement at the country level<\/li>\n\n\n\n
        • The fund will also promote the social, environmental, economic, and development co-benefits.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n
          Global Climate Financing: Scenario<\/h6>\n\n\n\n
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          • Green Climate Fund (GCF):<\/strong> It was established to limit or reduce greenhouse gas (GHG) emissions in developing countries and to help vulnerable societies adapt to the unavoidable impacts of climate change.<\/li>\n\n\n\n
          • Adaptation Fund (AF)<\/strong>: It was established under the Kyoto Protocol in 2001 and has committed US$ 532 million to climate adaptation and resilience activities.<\/li>\n\n\n\n
          • Global Environment Fund (GEF)<\/strong>: It has served as an operating entity of the financial mechanism since the Convention came into force in 1994.\n
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            • It is a private equity fund focused on seeking long term financial returns by investments in clean energy under climate change.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
            • Other Funds:<\/strong> In addition to providing guidance to the GEF and the GCF, parties have established two special funds:\n
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              • The Special Climate Change Fund (SCCF) and the Least Developed Countries Fund (LDCF).<\/strong>\n
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                • Both funds are managed by the GEF.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                • At the Paris Climate Change Conference in 2015, the Parties agreed that the operating entities of the financial mechanisms \u2013 GCD, GEF, SCCF and the LDCF, shall serve the Paris Agreement.<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n
                  Climate Financing and India: Scenario<\/h6>\n\n\n\n
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                  • Intended Nationally Determined Contributions (INDCs)<\/strong> are nationally binding targets adopted under UNFCCC. India has to reduce GHG emissions under this, which requires climate financing.<\/li>\n\n\n\n
                  • National Clean Energy Fund:<\/strong>\n
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                    • The Fund was created to promote clean energy, funded through an initial carbon tax<\/strong> on use of coal by industries.<\/li>\n\n\n\n
                    • Governed by an Inter-Ministerial Group with the Finance Secretary as the Chairman.<\/li>\n\n\n\n
                    • Its mandate is to fund research and development of innovative clean energy technology<\/strong> in the fossil and non fossil fuel based sectors.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                    • National Adaptation Fund for Climate Change (NAFCC):<\/strong>\n
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                      • It was established in 2015 to meet the cost of adaptation to climate change for the State and Union Territories<\/strong> of India that are particularly vulnerable to the adverse effects of climate change<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                      • Clean Development Mechanism (CDM):<\/strong>\n
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                        • It allows emission-reduction projects in developing countries to earn certified emission reduction (CER) credits<\/strong>, each equivalent to one tonne of CO2.<\/li>\n\n\n\n
                        • The CDM is the main source of income for the UNFCCC Adaptation Fund.<\/li>\n\n\n\n
                        • The Adaptation Fund is financed by a 2% levy on CERs issued by the CDM.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                        • Internal Programmes:<\/strong>\n
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                          • Compensatory Afforestation Fund Management and Planning Authority (CAMPA),<\/strong> Disaster Management Fund etc.<\/li>\n\n\n\n
                          • A Climate Change Finance Unit was set up by Department of Economics in the Ministry of Finance to advise and guide the MoEF&CC as well as to lead on global climate finance issues.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n